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Saudi Public Prosecution Seizes $37Mn from Money Laundering Convicts

Saudi Public Prosecution Seizes $37Mn from Money Laundering Convicts

Sunday, 15 August, 2021 - 06:45
The Public Prosecution warned that it would not hesitate to demand severe penalties against anyone who harms the financial and economic security of the Kingdom.

Saudi Arabia's Public Prosecution announced that it had confiscated more than SAR140 ($37.3 million) million from four individuals accused in a money laundering case.


The Public Prosecution said that the accused, one citizen and three expatriates, were investigated and found guilty of conspiring to transfer illegal funds outside the Kingdom.


A Saudi citizen was found to have given three expatriates access to his commercial bank accounts to transfer funds abroad for a monthly fee of SR30,000, a crime according to Article 2 of the Anti-Money Laundering Law.


Moreover, Public Prosecution recovered illegal funds smuggled abroad, which amounted to more than SAR140 million, and other illicit funds found, hidden inside a hot drinks container, amounting to SAR2.5 million ($666,000).


The judicial ruling convicted the accused and sentenced them to 24 years in prison. The convicted Saudi national is barred from leaving the country for a period equal to their incarceration sentence, while the expatriates will be deported after completing their jail time.


The Public Prosecution warned that it would not hesitate to demand severe penalties against anyone who harms the financial and economic security of the Kingdom.


It reaffirmed that coordination is ongoing between the Public Prosecution and the Monitoring Agencies represented by the Ministry of Commerce, the General Authority for Zakat, Tax and Customs, and the Saudi Central Bank to investigate all money-related crimes.


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